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Wednesday, April 22, 2009

SP Setia coy on plan to buy PNB real estate firms

PROPERTY developer SP Setia Bhd is keeping mum on its plan to acquire three real estate companies under Permodalan Nasional Bhd (PNB).

The three are Island & Peninsular Bhd, Pelangi Bhd and Petaling Garden Bhd.

"It is too early to comment. This issue is very sensitive. Whatever we do, it must add value to our business," SP Setia president and chief executive officer Tan Sri Liew Kee Sin said on the sidelines of PNB's Malaysian Unit Trust Week 2009 in Johor Baru yesterday.

Liew was commenting on a foreign news report quoting RHB Research Institute Sdn Bhd as saying that SP Setia may acquire the three companies from PNB to increase sales and gain financial backing from the government.
RHB Research said the acquisition may increase SP Setia's value.

The property units have a combined annual sales of more than RM1.31 billion, similar to SP Setia's 2008 figures.

As of January 30, PNB owned a 6.5 per cent stake in SP Setia, according to Bloomberg's data.

By Bernama

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